The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1887-12-16
THE MESSAGE.
A Briof But Pointed Message Sont
to Congress.
Tariff Reduction the Main Question
Treated by the Presidential Docu-
aneut That tho People Wlil
Read With Interest.

WASHINGTON, Dec. 6-The Presidents
message was ready for both houses OF
Congress as soon as business commenced
this morning. The document is unique in
that it deals with only one subject-thc
necessity OF a reduction OF taxation. The
President felt that this necessity was SO
urgent that he departed from the ordinary
custom and devoted his whole message to
impress upon Congress the danger OF de-
lay. The address piunges into the ques-
tion Mt the start as follows:
To the CoRorsss of tie United Stgtes:
You are confronted at the threshold OF your
legislative duties with condition OF the ma
tional finance which imperatively demands i'm
mediate and careful consideration. The amount
of money annually exacted through the opera
ton of present laws from the industries and
necessities OF the people. largely exceeds the
sum necessary TO meet the expenses OF the
Government When we consider that the
theory OF our institutions guarantees to every
citizen the full enjoyment OF all the fruits OF
his industry and enterprise, with only such de-
duction as may be his share toward the careful
and economical maintenance OF the Govern
ment which protects him, it is plain that the
exaction of more than this is indefcnsible ex-
tortion and a culpabie betrayal OF American
fairness and Justice.
This wrong inflicted upon those who bear the
burden of National taxation. like other wrongs
multiplies a brood OF evil consequences. The
public treasury. which should only exist as
conduit conveying the peoples tribute to It's
legitimate objects of expenditure, becomes a
boarding place for money needlessy withdrawn
from trade and the peoples use, thus Gripping
our National energies, suspending our countrys
development, preventing investment in pro-
ductive enterprises. threatening financial dis
turbance. and inviting schemes OF public plum
der.
This condition Of our treasury is not altogether
new: and it has more than once OF late been
submitted to the peoples representatives in
the Congress, who alone can apply . remedy.
And yet the situation still continues, with ag-
gravated incidents, more than ever presaging
financial convulsIon and widespread disaster
1t will not do to neglect this situation because
its dangers are not now palpably imminent and
apparent They exist none the less certainly,
and await the unforeseen and unexpected occa-
sion when suddenly they will be precipitated
upon US.
On the 3Oih day OF June, 1875. the excess OF
revenues over public expenditures. after com
plying with the arSual requirements OF the
Sinking Fund act, was sl;, S59. 1854; during the
year ended June 81. 1886, such excess amounted
20 80 4o5 20: and during the year ended June
3D. 1885, it reached the sum of So5.5j1, 1880 The
annual contributions to the sinking fund during
the three years above specified, amounting In
the aggregate to sI3S,05S 1904. and deducted
from the surplus as stated, We're made by call
ing in for that purpose outstanding three per
cent. bonds OF the Government.
Daring the six months prior to June s. 1887,
the surplus revenue had grown SO large by re-
peated Accommodations, and 1t was feared the
withdrawal of tnis grca: sum OF money needed
by the people would SO affect the business OF
the country, that the sum OF S19.S64, 100 OF
such surplus was applied to the payment Of the
principal and interest Of the three per cent
bonds still outstanding, and which where then
payable n the option Of the Government. The
precarious condition of financial Affairs among
the people still needing relief, immediately after
the Both day o. June, 1857. the remainder OF the
three per cent. bonds then outstanding, amount
ing with principal and interest to the sum OF
$1S,ss1,s93, were called In and applied to the
sinking fund contribution for the current fiscal
year.
Notwithstanding these operations OF the
Treasury Department the representations Of
distress il business circle, not only continued
but increased. and absolute peril seemed al
hand. In these circumstances the contribution
TO the sinking fund for the current fiscal
year was at once completed by the ex
penditure OF 81, 1855 in the purchase Of
Government bonds not due bearing AZ
per cent. interest. the premium paid thereon
averaging about twenty-four per cent. for the
former and eight per cent. Tor the latter. In ad
dition 10 this the interest accruing during thu
current year upon the outstanding bonded in
debiedness of the GOVERNMENT was to some
extent anticipated, and banks selected a.
repositories of public money were permitted
TO somewhat increase their deposits.
While the expedents thus employed to re
lease TO the people the money lying idle in tn,
treasury served to avert immediate danger
our surplus revenues have continued to accu
mulate. the excess for the present year amount
ing on the first day of December to s55. 25S,
e0i.19 and is estimated to reach the sum o
sll3,000090 on the 33th OF June next, at whic!
date il is expected that this sum. added to prio
Accommodations. VIII swell the surplus in TIL
treasury 10 S!i0.0o00D.
There seems to be no assurance. that, will
such a Withdrawal from use Of the peoples cir
culating medium, our business community ma
not in the near future be subjected to the sam
distress which was quite lately Produced frou
the same cause. And while the functions Of on
National treasury should be few and simple, al
while its best condition would be reached, l be
leve, by its entire disconnection with privat
business interests, yet, when, By perversion c
its purposes, if idly holds money uselessly sub
tracted from the channels OF trade there seem
TO be reason fer the claim that some legltimat
means should be devised BIZ the Government
restore in an emergency without waste or el
travagauce, such money 10 its place among tn
people. If such an emergency arises theI
now exists 40 clear and undoubtcd eXecuty
power OF relief.
Heretofore the redemption OF three per cen
bonds. which were payable q: the option OF III
Government. has afforded means for the di
bursement Of the excess OF our revenues: bI
these BONDS have all been retired and there al
no bonds outstanding the payment OF which "
have the right 10 insist upon The contribute
10 the sinking fund, which furnishes the occ
sion for expenditure in the purchase OF bond
has been already made for the current year. S
that there is no outlet in that direction.
In the present state of le,:sla: ion. the on